MONTREAL, Aug. 16 /CNW Telbec/ - O'Leary Funds Management LP is pleased that the minimum tender condition of 66 2/3% of BPT.un was not satisfied last Friday. O'Leary continues to oppose the extended offer announced by Boralex Inc. for all of the issued and outstanding trust units of Boralex Power Income Fund (BPT) on the basis that it remains inadequate and unfair to investors owning BPT. On Friday, August 9, 2010, the negative Q2 2010 financial results announced by Boralex Inc. confirmed our concerns with the adequacy of the offer and the information provided to investors. After Boralex Inc. released these negative results, O'Leary contacted the securities regulators and the Bureau de décision et de révision (BdR) for an urgent hearing on the merits of the offer made by Boralex, including a conclusion for interim relief. Although the motion was not heard on Friday and dismissed for procedural reasons only, particularly the time limitations, O'Leary intends to actively pursue the matter on the merits, either before the BdR or other competent authority.
We remain pleased to be investors in BPT and also believe the combination of Boralex and BPT could be very attractive, however the terms need to be made attractive not only for Boralex but also for BPT investors. We are open to proposals that we consider adequate, fair and transparent.
SOURCE O'Leary Funds Management LP
For further information: For further information: Connor O'Brien, Chief Executive Officer, O'Leary Funds Management Inc., Chief Investment Officer, Stanton Asset Management Inc., (514) 849-0064 ext 224, firstname.lastname@example.org